If the time comes when a SIMPLE IRA plan no longer suits your needs, consult with your financial institution partner to determine if another type of retirement plan (or, perhaps, no plan at all) might be preferable.

A SIMPLE IRA plan can only be terminated prospectively, beginning no earlier than the next calendar year.  Contributions must continue until then.

To terminate a SIMPLE IRA plan, notify the financial institution that you chose to handle the SIMPLE IRA plan that you will not be making contributions for the next calendar year and that you want to terminate the contract or agreement with it.  You must also notify your employees that the SIMPLE IRA plan will be discontinued.

You do not need to give any notice to the IRS that the SIMPLE IRA plan has been terminated.